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NYSE American, formerly known as the American Stock Exchange ( AMEX), and more recently as NYSE MKT, is an American stock exchange situated in New York City. AMEX was previously a mutual organization, owned by its members. Until 1953, it was known as the New York Curb Exchange.
NYSE Euronext acquired AMEX on October 1, 2008, with AMEX integrated with the Alternext European small-cap exchange and renamed the NYSE Alternext U.S. In March 2009, NYSE Alternext U.S. was changed to NYSE Amex Equities. On May 10, 2012, NYSE Amex Equities changed its name to NYSE MKT LLC.
Following the SEC approval of competing stock exchange IEX in 2016, NYSE MKT rebranded as NYSE American and introduced a 350-microsecond delay in trading, referred to as a "speed bump", which is also present on the IEX.
Edward Reid McCormick was the first president of the New York Curb Market Association and is credited with moving the market indoors. George Rea was approached about the position of president of the New York Curb Exchange in 1939. He was unanimously elected as the first paid president in the history of the Curb Exchange. He was paid $25,000 per year (equivalent to $ today) and held the position for three years before offering his resignation in 1942. He left the position having "done such a good job that there is virtually no need for a full-time successor."
As of 1971, it was the second largest stock exchange in the United States. Paul Kolton succeeded Ralph S. Saul as AMEX president on June 17, 1971,
making him the first person to be selected from within the exchange to serve as its leader, succeeding Ralph S. Saul, who announced his resignation in March 1971.Rustin, Richard E. (May 14, 1971). "American Board Panel Seen Recommending Kolton, No. 2 Man, as Successor to Saul". The Wall Street Journal. Retrieved October 30, 2010. Kaplan, Thomas (October 29, 2010). "Paul Kolton, Who Led the American Stock Exchange, Dies at 87". The New York Times. Retrieved October 29, 2010. In November 1972, Kolton was named as the exchange's first chief executive officer and its first salaried top executive.Staff (November 3, 1972). "Amex Formally Elects Paul Kolton as Chairman, Chief Executive Officer". The Wall Street Journal. Retrieved October 30, 2010. As chairman, Kolton oversaw the introduction of options trading. Kolton opposed the idea of a merger with the New York Stock Exchange while he headed the exchange saying that "two independent, viable exchanges are much more likely to be responsive to new pressures and public needs than a single institution". Kolton announced in July 1977 that he would be leaving his position at the American Exchange in November of that year.Staff (July 17, 1977). "Paul Kolton Leaving Amex". (via Dow Jones Service) ( The Pittsburgh Press (via Google News)). Retrieved July 18, 2012.
In 1977, Thomas Peterffy purchased a seat on the American Stock Exchange. Peterffy created a major stir among traders by introducing handheld computers onto the trading floor in the early 1980s.
In 1990, a similar product, Toronto Index Participation Shares, which tracked the TSE 35 and later the TSE 100 indices, started trading on the Toronto Stock Exchange (TSE) in 1990. The popularity of these products led the American Stock Exchange to try to develop something that would satisfy regulations by the U.S. Securities and Exchange Commission.
Nathan Most and Steven Bloom, under the direction of Ivers Riley, designed and developed Standard & Poor's Depositary Receipts (NYSE Arca: SPY), which were introduced in January 1993. Known as SPDRs or "Spiders", the fund became the largest ETF in the world. In May 1995, State Street Global Advisors introduced the S&P 400 MidCap SPDRs (NYSE Arca: MDY).
Barclays, in conjunction with MSCI and Funds Distributor Inc., entered the market in 1996 with World Equity Benchmark Shares (WEBS), which became iShares MSCI Index Fund Shares. WEBS originally tracked 17 MSCI country indices managed by the funds' index provider, Morgan Stanley. WEBS were particularly innovative because they gave casual investors easy access to foreign markets. While SPDRs were organized as unit investment trusts, WEBS were set up as a mutual fund, the first of their kind.
In 1998, State Street Global Advisors introduced "Sector SPDR", separate ETFs for each of the sectors of the S&P 500 Index. Also in 1998, the "Dow Diamonds" (NYSE Arca: DIA) were introduced, tracking the Dow Jones Industrial Average. In 1999, the influential "cubes" (Nasdaq: QQQ), were launched, with the goal of replicate the price movement of the NASDAQ-100.
The iShares line was launched in early 2000. By 2005, it had a 44% market share of ETF assets under management. Barclays Global Investors was sold to BlackRock in 2009.
In October 2008 NYSE Euronext completed acquisition of the AMEX for $260 million in stock. Before the closing of the acquisition, NYSE Euronext announced that the AMEX would be integrated with the Alternext European small-cap exchange and renamed the NYSE Alternext U.S. The American Stock Exchange merged with the New York Stock Exchange (NYSE Euronext) on October 1, 2008. Post merger, the Amex equities business was branded "NYSE Alternext US". As part of the re-branding exercise, NYSE Alternext US was re-branded as NYSE Amex Equities. On December 1, 2008, the Curb Exchange building at 86 Trinity Place was closed, and the Amex Equities trading floor was moved to the NYSE Trading floor at 11 Wall Street. 90 years after its 1921 opening, the old New York Curb Market building was empty but remained standing. In March 2009, NYSE Alternext U.S. was changed to NYSE Amex Equities. On May 10, 2012, NYSE Amex Equities changed its name to NYSE MKT LLC.
In June 2016, a competing stock exchange IEX (which operated with a 350-microsecond delay in trading), gained approval from the SEC, despite lobbying protests by the NYSE and other exchanges and trading firms.
On July 24, 2017, the NYSE renamed NYSE MKT to NYSE American, and announced plans to introduce its own 350-microsecond "speed bump" in trading on the small and mid-cap company exchange.
Past chairmen of the American Stock Exchange include:
==Gallery==
Introducing ETFs
ETFs or exchange-traded funds had their genesis in 1989 with Index Participation Shares, an S&P 500 proxy that traded on the American Stock Exchange and the Philadelphia Stock Exchange. This product was short-lived after a lawsuit by the Chicago Mercantile Exchange was successful in stopping sales in the United States.
NYSE merger
As of 2003, AMEX was the only U.S. stock market to permit the transmission of buy and sell orders through hand signals.Larry Harris, Trading and Exchanges, Oxford University Press US: 2003, page 104, ,
Products
Management
Past presidents of the American Stock Exchange include:
See also
Further reading
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